Solargiga Energy Holdings and Liaoning Oxiranchem have agreed on entering a joint venture for the production of 500MW capacity multicrystalline silicon solar ingots and wafers. Construction on the project, located in Longqiwan New Zone, Jinzhou, Liaoning Province, China, will be divided into two separate phases over a five year period. The first phase will hold a capacity of 200MW with an expected two year completion. The second phase will take three years to construct and will account for 300MW. Solargiga will oversee all sales from the plant.
Hsu You Yuan, CEO and executive director of Solargiga, said, “The cooperation between the Company and the Liaoning Aoke allows the Group to strengthen the development of its multicrystalline silicon solar business. It will also accelerate the horizontal production expansion plan of Solargiga so as to satisfy the demand from customers. Looking ahead, the group would continue to seek new business opportunities for development, grasp the huge market opportunities to increase market share and reward our shareholders with satisfactory business performance.”
Total investments and registered capital for the JV is proposed at US$100,671,142 and US$29,828,486.54. Solargiga will own 37% interest in the JV with the capital injection of US$11,036,540.02.